—- Mid-term Analysis for the next coming 4 weeks to 3 months – Daily on Daily Chart (LOG)——-

SHIB/USDT: Remain under bearish pressure below 0,00001875

Context
The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. Like the others digital asset Shiba Inu (SHIB) is suffering about negative global market situation, and with a massive total supply of 1,000,000,000,000,000 (55% of the supply in circulation) it is hard to see a fondamental bullish pressure to be set from the supply management.

Main ressources

Coin Market cap (Supply) =>https://coinmarketcap.com/currencies/shiba-inu/
Shiba Token (Website) = > https://shibatoken.com/

Market configuration

– Graphical Elements :
Graphical Resistance = 0,00001875 & 0,00002840
Graphical Support = 0,00000510

– Mathematical Indicators:
EMA ( Exp Moving averages) are capping the market at 0,00001875 = Bearish
RSI indicator (below) is below 50% and bearish trend line – no divergence = Bearish

– Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target c B hasn’t been already reached = 0,00000685
Fibonacci support of the wave c B (max extension) = 0,00000510
Fibonacci Bullish Target = 0,00002840 & 0,00005190

Conclusion

Prefered case => As long as 0,00001875 remains a key resistance the SHIB is expected to reach lower target at 0,00000685 before any bullish reversal tentative

Alternative case => In case of 0,00001875 resistance breakout, the bearish trend will be invalidated opening the door to 0,00002840 & 0,00005190